UPDATE 1-Puerto Rico bonds tumble in early trade as restructuring seen

June 29, 2015 1:33 PM

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NEW YORK, June 29 (Reuters) - Puerto Rico's benchmark general obligation bonds tumbled on Monday after the U.S. territory's governor was quoted as saying the island was unable to pay its debts and a report by former IMF staffers proposed debt restructuring and austerity measures.

Benchmark general obligation bonds that carry an 8 percent coupon and mature in 2035 fell 8 percent to a record average low of 70.778 cents on the dollar in early trading from 77.111 cents on the dollar on Friday.